Table of Contents 目录
EXECUTIVE SUMMARY 执行摘要
KEY WORDS/PHRASES 关键词/短语
MAJOR CONTEMPORARY ETHICAL ISSUES/PROBLEMS IN THE FINANCE INDUSTRY 金融业的主要当代道德问题
MAIN ETHICAL CHALLENGES WHEN WORKING IN THE FINANCE INDUSTRY 在金融行业工作的主要道德挑战
PREPARATION FOR ETHICAL CHALLENGES IN THE FINANCE INDUSTRY 金融行业道德挑战的准备工作
REFERENCE LIST 参考清单
Executive Summary 执行摘要
Since the 2007/08 global financial crisis, the finance industry has consistently hit headlines because of the numerous cases of unethical issues and problems. Speaking this point of view, this report identifies a number of ethical issues and problems in the industry. Among these include insider trading, conflict of interest, and objectivity and independence. The report uses a number of ethical theories to analyse why the identified issues are ethical problems in the finance industry. Among these theories include deontology, justice, and utilitarianism. In addition, there are a number of ethical challenges that individuals face when working in the financial industry including whistleblowing, self-interest and greed. The report recommends that to prepare for these challenges, individuals need to learn and understand how these issues are ethical challenges, as well as how to deal with them. In addition, the report recommends that individuals need to enhance their moral standards if they are to deal with these ethical challenges whenever they arise.
自2007/08年全球金融危机以来，金融业一直因无数不道德问题而成为头条新闻。从这个角度来看，本报告确定了行业中的一些道德问题。其中包括内幕交易、利益冲突、客观性和独立性。该报告使用了许多伦理理论来分析为什么确定的问题是金融业的伦理问题。这些理论包括义务论、正义论和功利主义。此外，个人在金融行业工作时还面临许多道德挑战，包括告密、自利和贪婪。报告建议，为了应对这些挑战，个人需要学习和理解这些问题是如何构成道德挑战的，以及如何应对这些挑战。此外，报告建议，如果个人要在任何时候应对这些道德挑战，就必须提高道德标准。
Key words/Phrases 关键词/短语
Insider trading, utilitarianism, investors’ confidence, deontology, justice, code of conduct, moral standards, honesty, risks, securities, securities trader, whistleblowing
内幕交易、功利主义、投资者信心、义务论、正义、行为准则、道德标准、诚实、风险、证券、证券交易商、举报
Major contemporary ethical issues/problems in the finance industry 金融业的主要当代道德问题
The financial sector is one of the most important sectors in economies across the globe. Despite its importance, this sector faces a myriad of ethical issues and problems that undermines its role in the economy. One of the ethical problems that the financial industry faces is insider trading. Researchers and scholars define insider trading as the trading of securities based on price-sensitive information that is not available to the public, thus giving one undue advantage to make huge profits (Becker, 2016). One of the questions that arise regards why insider trading is an ethical problem. The proponents of insider trading argue that indeed this approach to financial markets since it creates an opportunity for people with confidential information to make huge profits without harming the investors in any way. Their argument is supported by utilitarianism in the sense that insider trading contributes to the benefits of all who possess critical financial market information (McGee, 2005). However, according to the misappropriation theory, the misuse of confidential information to gain advantage in securities trading violates the duty that one owes to the source of such information (Quinn, 2003). Therefore, since insider trading is perceived as an unethical behaviour since it allows one to either make huge profits or avoid losses through the misuse of confidential such information that other traders do not have access to. Importantly, insider trading is unethical since if it is not curbed, it could erode investors’ confidence in a particular financial market, resulting in the failure of this market and massive losses for thousands of investors.
金融部门是全球经济中最重要的部门之一。尽管这一部门很重要，但它面临着无数道德问题，这些问题削弱了它在经济中的作用。金融业面临的道德问题之一是内幕交易。研究人员和学者将内幕交易定义为基于公众无法获得的价格敏感信息进行的证券交易，从而为获取巨额利润提供不正当的优势（Becker，2016）。出现的一个问题是，为什么内幕交易是一个道德问题。内幕交易的支持者辩称，实际上，这种做法是针对金融市场的，因为它为掌握机密信息的人创造了一个机会，在不以任何方式伤害投资者的情况下赚取巨额利润。他们的观点得到了功利主义的支持，即内幕交易有助于所有掌握关键金融市场信息的人的利益（McGee，2005）。然而，根据挪用理论，在证券交易中滥用机密信息以获取利益违反了对此类信息来源的义务（Quinn，2003）。因此，由于内幕交易被视为一种不道德的行为，因为它允许一个人通过滥用其他交易者无法获得的机密信息来赚取巨额利润或避免损失。重要的是，内幕交易是不道德的，因为如果不加以遏制，它可能会削弱投资者对某一特定金融市场的信心，导致该市场的失败和数千名投资者的巨大损失。